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Sri Lanka Signs $500M emergency loan agreement with China as rupee hits record low

Sri Lanka secured a US$500 million loan from China Monday (Apr 12) in a desperate bid to shore up its foreign exchange reserves as the local currency hit a record…

Sri Lanka’s discussions for emergency financial support with IMF failed due to disagreements over policy requirements

The International Monetary Fund (IMF) couldn’t proceed with disbursing emergency financial support for Sri Lanka as the discussions failed due to disagreements over policy requirements on debt sustainability to address…

China approves $1.5 billion currency swap with Sri Lanka

(Reuters) – China has approved a 10 billion yuan ($1.54 billion) currency swap with Sri Lanka, a government spokesman in Colombo said on Wednesday. The deal will allow the island…

Sri Lanka CB says controlling foreign debt will ‘no doubt’ require some austerity

(Reuters) : Sri Lanka’s central bank governor said on Wednesday lowering the country’s reliance on foreign debt will require some austerity, as Colombo attempts to shore up confidence in its…

Bandwagoning with China: Geopolitics of a container terminal in Sri Lanka

By Asanga Abeyagoonasekera It is rather unusual for trade union leaders to speak geopolitics. “Geopolitics should not be a determinant factor for us to lease our own East Container Terminal…

Latest $200 million SLDB issuance undersubscribed

The latest $200 million issuance of Sri Lanka Development Bonds (SLDBs) closed undersubscribed on Tuesday with only bids received amounting to $62.64 million, the Central Bank (CB) data showed. The…

Central Bank to wind up ETI Finance through Courts

The Monetary Board of the Central Bank (CB) has decided to cause the Director, Supervision of Non-Bank Financial Institutions to make an application to a competent court for the winding…

Sri Lanka faces worst decline as debt crisis looms

Sri Lanka Tuesday announced its worst economic slump with second-quarter GDP plunging 16.3 percent as international concern grows over its ability to repay foreign debt. The department of Census and…

Sri Lanka’s President Calls Private Sector to make bold investment decisions

Sri Lanka’s President Gotabaya Rajapaksa called the country’s private sector to make bold investments moving away from conservative and low-risk strategies to live up to its reputation as the engine…

Budget 2021 is unlikely to provide a meaningful boost to the economy – Moody’s

Sri Lanka’s growth-oriented budget is unlikely to provide a meaningful boost to output, according to Moody’s Investors Service. “Despite the growth focus of the budget, we do not expect it…